Two South Korean government ministries are exploring blockchain’s potential to bring new efficiencies to marine logistics to handle container shipping and make it efficient.
As announced on December 18, the country’s Ministry of Science, ICT and Future Planning and the Ministry of Oceans and Fisheries have began a blockchain pilot project to acknowledge if the technology can help the nation handle its container shipping and make it more efficient.
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According to Coindesk, the trial will be launched this month and will take place at the major port of Busan the year following.
The project aspires to reach transparency between shipping parties and enable real-time sharing of information and enhance import and export operations.
The blockchain project consists of six pilots as announced by the South Korean government. The rest of the five fields of the project cover livestock supply chain management, customs clearance, online voting, real-estate transactions and cross-border e-document distribution.
In 2019, the government may double the number of blockchain pilots in the public sector.
Finally, if the trial is successful, both ministries wish to expand the blockchain technology to other ports in the country.
